Stablecoin card spending hits $10.9 billion milestone

Paymentscan data confirms the industry’s rapid expansion, noting that monthly spending has more than tripled since last year. While three years ago the sector processed roughly $60,000 monthly, July 2026 volume hit $1.04 billion. The infrastructure relies on providers converting stablecoins like USDC or USDT into local currencies at the point of sale, allowing consumers to use existing Visa or Mastercard systems at over 175 million merchant locations.

USDC remains the dominant asset, accounting for 58% of onchain-tracked card spending, followed by USDT at 26%. Jonathan Chan, co-founder of the Hong Kong-based provider RedotPay, points to Latin America and Africa as primary growth drivers where demand for dollar-denominated assets and cross-border utility is strongest. RedotPay, which claims over eight million users, forecasts that annualized spending could reach $50 billion by 2028.

Despite the growth, stablecoin card activity remains a fraction of the $20 trillion projected for traditional card networks in 2026. Analysts note that while the technology bypasses the need for merchants to handle crypto directly, it introduces new layers of issuer, custody, and conversion-fee risks. Future sustainability depends on whether monthly volumes remain above the $1 billion mark, signaling a transition from niche utility to mainstream adoption.